Ken Prager CPA is Expanding

January 2, 2014

I  am pleased to announce that my daughter Amy Prager-Taylor, CPA has joined my practice. Amy comes to the firm with extensive tax, accounting and auditing knowledge. She was previously a senior manager at Ernst & Young LLP in their technology assurance practice. We are excited about the future of our firm.

Please note that our new office space is now located in Suite 401 still in the 401 Washington Avenue building in Towson.

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Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS notices – just in case one shows up in your mailbox.

  1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
  2. There are number of reasons the IRS sends notices to taxpayers. The notice may request payment of taxes, notify you of a change to your account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
  3. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry.
  4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
  5. If you agree with the correction to your account, usually no reply is necessary unless a payment is due.
  6. If you do not agree with the correction the IRS made, it is important that you respond as requested. Write to explain why you disagree. Include any documents and information you wish the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the lower left part of the notice. Allow at least 30 days for a response.
  7.  Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right corner of the notice. Have a copy of your tax return and the correspondence available when you call.
  8. It’s important that you keep copies of any correspondence with your records

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2013 Optional Standard Mileage Rates

January 1, 2013

The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: The standard mileage […]

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The Carroll County Buzz Guest

October 26, 2010

On October 13th I was a guest on WTTR Radio’s “The Carroll County Buzz”, the Most Unusual Financial Show on The Radio. I discussed some good news about taxes, and your best New Year’s Tax Resolutions. Vist WTTR’s website at www.wttr.com.

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Affordable Care Act: Over-the-Counter Medicines and Drugs

October 26, 2010

If you have or participate in an employer sponsored medical reimbursement program this is of importance to you. Section 9003 of the Affordable Care Act, enacted in March, 2010, established a new uniform standard that, effective Jan. 1, 2011, applies to FSAs and health reimbursement arrangements (HRAs), Health Savings Accounts (HSAs), and Archer Medical Savings […]

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Baltimore’s Top 100 CPAs: News I’d Like to Share

October 4, 2010

I hope you’ve had a pleasant, productive summer. I’m touching base to let you know I recently received some wonderful news. In its September  2010 issue, SmartCEO included me among the top 100 CPAs in the Greater Baltimore area. Every year, this publication asks its readers to nominate exemplary CPAs—leaders, innovators, and trusted advisors for the […]

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Your Best New Year’s Tax Resolution?

January 14, 2010

That’s easy.  In fact, I can put it into four simple words:  Don’t put things off. In staying on top of your finances, procrastination is always your biggest enemy, especially where tax planning is concerned. And now that a new tax season is on the horizon, there’s never been a better time to make certain […]

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